ARMORED FRESH attracts 27 billion won worth of 'Pre-Series B' investment

- ARMORED FRESH, which received attention as the first vegan cheese using almond oil in Korea. Free Series B Success
- Various domestic and foreign investment companies will participate in the final investment of 27 billion won and invest fully in the plant-based company

Food tech company ARMORED FRESH (CEO Oh Kyung-ah) announced on the 16th that it has successfully completed attracting a total of 27 billion won worth of pre-series B investment and will start targeting the global market through its own plant-based cheese.

Photo> CI of food tech company 'ARMORED FRESH'
Earlier this year, ARMORED FRESH, which participated in a series of global fairs such as CES 2022 and the 2022 Fancy Food Show held in the United States, received great attention by introducing its own plant-based cheese using almond milk for the first time in Korea. Compared to regular animal cheese, the plant-based cheese showed the possibility of replacing existing dairy cheese with a perfect texture and flavor, leading to a successful investment.

This investment attraction is the first time in about a year and a half since Series A, which achieved 6.2 billion won in investment, starting with the reading of KDB Development Bank in December 2020. In just a year and a half, more than four times the investment will be secured in the pre-series B stage, which was held ahead of the main round of Series B, which is planned for the second half of next year.

Various domestic and foreign investors participated in the investment. KDB Development Bank, Hanwha Investment & Securities, Daesung Startup Investment, and Sejong Venture Partners, which have all participated since Series A, appreciated ARMORED FRESH's potential, and invested in the company. In particular, KDB Development Bank, which invested 3 billion won, half of the total investment amount during Series A, decided to help ARMORED FRESH grow once again.

New investment companies included Open Water Investment, Lotte Ventures, D3 Jubilee Partners, NH Venture Investment, and Aju IB Investment under the leadership of UTC Investment and Hana Financial Investment. In particular, the U.S. collaborative fund, which participated as an investor of Beyond Meat, a leading U.S. alternative meat company and NASDAQ-listed company, as well as investment in global food tech companies such as Impossible Foods and Blue Bottle Coffee, will help ARMORED FRESH to be listed on NASDAQ.

Meanwhile, ARMORED FRESH changed its current mission from Yangyang to its current mission in April to diversify its existing F&B business and enter the global market based on its know-how as a food tech company. The new mission, ARMORED FRESH, means armed freshness and contains a strong will to protect human health and the environment by pursuing ultimate freshness.

"Thanks to investors who participated in the growth potential of ARMORED FRESH, which will lead the vegan market, we were able to receive more than four times the amount of investment than Series A," said Oh Kyung-ah, CEO of ARMORED FRESH.